The initial public offer of digital signature certificate provider eMudhra was subscribed 2.72 times on the last day of subscription on Tuesday.

The Rs 412.79 crore-IPO got bids for 3,09,02,516 shares against 1,13,64,784 shares on offer, according to NSE data.

The portion meant for Qualified Institutional Buyers (QIBs) received 4.05 times subscription, while the category for Retail Individual Investors (RIIs) got subscribed 2.61 times and non-institutional investors 1.28 times.

The IPO had a fresh issue of up to Rs 161 crore and offer for sale of up to 98,35,394 equity shares.

Price range for the offer was at Rs 243-256 per share.

On Thursday, eMudhra Ltd raised Rs 124 crore from anchor investors.

Proceeds from the fresh issue will be utilised to repay debt, support working capital requirements, purchase equipment and pay for other related costs for data centre proposed to be set up in India and overseas locations, develop products, investment in eMudhra INC and for general corporate purposes.

IIFL Securities, YES Securities (India) and Indorient Financial Services were the managers to the offer.

eMudhra is the largest licensed certifying authority in India with a market share of 37.9 per cent in the digital signature certificates market space in financial year 2021, having grown from 36.5 per cent in FY20.

The company has been engaged in the business of providing digital trust services and enterprise solutions to individuals and organisations. PTI SUM SHW SHW

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